Global tile manufacturing conglomerate Gruppo Concorde will build its first U.S. factory on nearly 100 acres in Mt. Pleasant and hire 180 people to operate it. Concorde's UST Inc. division will invest about $80 million to build the 600,000-square-foot facility. Those numbers are up significantly from the $55 million and 500,000 square feet that were being discussed by Maury County officials more than a year ago.
“We have chosen Tennessee for a number of reasons, including the state’s vibrant and business-friendly environment and the warm and proactive welcome we have received from the local community in Maury County,” Gruppo Concorde Executive and UST Inc. President and CEO Federico Curioni said. “Tennessee is also very close to some of the most important raw material used in the tile industry, such as plastic clay and feldspar, which greatly benefits our production capabilities.”
The plant is expected to start production in the second half of 2016.
A North Carolina maker of steel wire products is closing one of its factories and dispersing its manufacturing to three of its other locations, one of them being Gallatin. InSteel Industries is displacing 20 positions with the closure of its facility in Newnan, Georgia, which is expected to close by the end of March. The company says it will let workers relocate but it’s not clear how many of those jobs might move to Gallatin. InSteel also has locations in Houston and Sanderson, Florida. Read more here.
It wasn't a huge surprise a month ago when the leaders of Hemlock Semiconductor said they plan to shut for good the doors of their Clarksville polysilicon plant. On Thursday morning, parent company Dow Chemical said how much that decision will cost it. The Michigan-based industrial giant will take a $500 million hit pre-tax, which comes out to $465 million after taxes.
SEE ALSO: A 2013 TNReport.com story detailing the money Hemlock got in various subsidies and credits for building its doomed Middle Tennessee operation.
The board of directors of Clarksville-based First Advantage Bancorp has voted to boost the company's quarterly dividend to 10 cents per share. That's a whopping 43 percent increase from the previous payout of 7 cents. The move is effective for shareholders as of Feb. 5.
First Freedom Bank finished 2014 with net income of more than $3.3 million. That was 48 percent higher than the number of the year before and a fifth straight record number for CEO John Lancaster and his team. The nine-year-old, $285 million bank's return on equity topped 12 percent for the year, helped by loan growth of more than $20 million.
Murfreesboro real estate entrepreneur Scott Graby is a step closer to adding Class A office space to Murfreesboro's Gateway district. Scott Broden with The Daily News Journal reports that Murfreesboro Gateway Commission members on Tuesday voted to have the city prepare a contract to sell to Graby 12 acres near Saint Thomas Rutherford Hospital for $2.6 million. Graby's Hearthstone Group plans to break ground on a 100,000-square-foot office building this spring. If things go well, Hearthstone would like to add two other buildings to what it's calling The Fountains at Gateway.
Anderson Benson Insurance & Risk Management has expanded into Williamson County by opening an office on Main Street in downtown Franklin. The outpost will be led by Darla Bousselot, who joined the firm in 2014, and focus on marketing products to wealthy individuals.
“High net-worth individuals and families have extraordinary insurance needs because of the major investments they have made in their property and possessions,” said Darla Bousselot, Anderson Benson partner. “There is a big demand from customers who recognize that risk management is a valuable part of life and to achieve comfort and security means more expert consultation from their insurance agent. That’s what we will provide in expanding our services in Williamson County.”
NeXovation has paid $200,000 to Dover Motorsports to extend its contract by another several weeks to buy the Nashville Superspeedway. Unlike past payments totaling $1.7 million, this check will not be applied to NeXovation's tab. The extension — check out the document here — pushes the target closing date to Feb. 25, which will be five months after the date of companies' initial goal.
POSTDATA: WARRANTY DEEDS